Central Bank to implement ‘Islamic Banking System’

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The Central Bank is planning to change the current banking system into “Islamic banking,” a spokesman for the Central Bank said, without giving details about what the change will mean.

“The implementation of the Islamic banking system will be a long process and it is being enforced in many foreign countries and it will come into effect gradually in Afghanistan as well,” said Sabir Momand, a spokesman for the Central Bank. Analysts said that changes in the banking system will create hurdles in banking operations.

“Before an evaluation of the banking system and markets, the implementing of an Islamic banking system will affect the economy,” said Seyar Masoud, an economist.

“The change of (the current banking system) into an Islamic banking system could create problems because many of the banks are using the current banking system,” said Sayed Seyar Qureshi, an economist.

After the fall of the government, the Afghan banking system faced severe crisis obstacles in part caused by international sanctions that restricted businesspeople from transferring funds abroad.—Tolo News

 

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